Chinese oil giant buys Caltex Botswana

Friday, March 24, 2017

Chinese oil giant, China Petrochemical Corporation (Sinopec) has inked a deal to take over the assets of Chevron Energy Group in Botswana and South Africa for a combined amount of $900 million (P9 billion).

Chevron operates in Botswana using the Caltex brand name in the retail market operated by a company called Fuel in Motion while its commercial business is run through Kwa Nokeng Oil.

In a statement, the Chinese oil company said after a public tender process, its listed arm China Petroleum & Chemical Corporation (Sinopec Corp) has signed a sales and purchase agreement with Chevron Global Energy to acquire 100% equity in Chevron Botswana as well as 75% equity in Chevron South Africa (CSA) for approximately $900 million.

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Chinese oil giant buys Caltex Botswana

Chinese oil giant, China Petrochemical Corporation (Sinopec) has inked a deal to take over the assets of Chevron Energy Group in Botswana and South Africa for a combined amount of $900 million (P9 billion).